Latest Dollar to Naira Exchange Rate on the Black Market Today – September 23rd, 2023

 Dollar in Nigerian Naira today, this September 23, 2023? You’ve landed on the right page! Here, we ensure to keep the exchange rate information crisp and current.

Attention currency traders! As of today’s market conditions, the exchange rate for the dollar to Naira at the bustling Parallel Market (widely known as the Black Market) is standing at a whopping N985 for the buy rate and N990 for the sell rate.  

Dollars to Naira Black Market 23 September 2023 – Handy Conversion Data Table

Naira to Dollar Black Market Handy Conversion Data Table

Dollar to Naira Rates News 23 September 2023

Naira Exchanges for Over N1,000/$ in Black Market

 tumble in the black market as the greenback, the U.S. dollar, commanded a head-spinning rate of over N1,000. Commotion was palpable in the buzzing heart of Lagos’ black markets; whispers of dollar rates shooting between N1,000 and N1,050 spiced up morning conversations. However, as the day drawn closer to twilight, the hefty exchange rate eased slightly to N990. Still, it remained staggeringly north of N738 – the rate listed on the Investors & Exporters FX window; a plain reminder of the tumultuous tide the naira was riding.

Ever since June, when the Central Bank of Nigeria (CBN) sprang into action with a mission to unify all foreign exchange market segments, the chasm between the official and black market rates has only widened. Contrary to the CBN’s intentions, many have found solace in the black market owing to a pressing shortage of dollars in the official market. An ironic turn of events, indeed; resonating the echoing challenge the CBN faces in keeping the exchange rates within the reins.

Ismail Muhammed, a market operator, mentioned the fluctuating rates, indicating the scarcity of dollars. Alhaji Abdullahi Olugbede, another operator, added that most licensed Bureau De Change Operators lack dollars to trade, which drives the price up.

Impact on Economy

Experts warn that a weaker naira in the black market negatively impacts the economy. Professor Godwin Oyedokun from Lead City University noted that the weakened currency would increase the cost of imported goods, making business tougher. He suggested the government needs to implement effective policies and boost local production to reduce pressure on the naira.

Dr. Muda Yusuf, former Director General of the Lagos Chamber of Commerce and Industry, stated that the economy is sensitive to exchange rate changes. He raised concerns about possible illicit money transactions affecting the naira’s value. He emphasized that chasing the black market rate could worsen the situation.

Financial analyst Abiola Rasaq believes that the naira could stabilize in the coming months, especially if oil prices remain favorable and non-oil exports increase.

Lastly, President Bola Tinubu recently nominated Olayemi Cardoso as the new CBN governor, along with four deputy governors. It’s uncertain if the former CBN governor, Godwin Emefiele, has resigned after his suspension and detention in June.